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Latham & Watkins Advises Apollo on Joint Venture Partnership With Vale
August 9, 2024
Firm represents the asset manager in transaction to provide bespoke hybrid capital solution to affiliate of one of Latin America’s leading companies for critical supply chain infrastructure.
Apollo (NYSE: APO) has announced a definitive agreement under which Apollo-managed affiliates, funds and other long-term investors will invest US$600 million to acquire a 50% interest in a joint venture entity related to the Vale Oman Distribution Center from Vale S.A. (NYSE: VALE). VODC operates a maritime terminal in Sohar, Oman, with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 Mtpy. Vale will continue to own 100% of Vale Oman Pelletizing Company. The transaction is expected to close in the second half of 2024 and is subject to customary regulatory approvals.
Latham & Watkins LLP represents Apollo in the transaction with a corporate team led by New York partners Gianluca Bacchiocchi, Guido Liniado, and Gary Boss, London partner Beatrice Lo, and Riyadh partner Derek McKinley, with associates Alice Drayton and Andres Chester.* Advice was also provided on finance matters by London partners Jennifer Brennan and Sanjev Warna-kula-suriya, and New York partner Adam Goldberg, with associate Elaf Al-Wohaibi; on investment regulatory matters by Chicago partner Laura Ferrell, with associate Jennifer Tian; on tax matters by London partner Karl Mah, and New York partners Bora Bozkurt and Elena Romanova, with associates Abi Jacobs, Nicholas Sun, and Michael Yu; on ERISA matters by Los Angeles/New York counsel Aryeh Zuber; and on antitrust matters by Century City/Washington, D.C. partner Makan Delrahim and Brussels/London partner David Little, with associates Josephine Macintosh, Yanyan Yang, and Daniel Baker.
*Admitted to practice in Argentina only.